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Sharp drop in US new home sales Sharp drop in US new home sales
(about 15 hours later)
Sales of new US homes in September fell 23% compared with the same month last year, just the latest indication of the current downturn in the housing market. Sales of new US homes fell 23% compared with last year, just the latest indication of the current downturn in the housing market.
The sales of newly-built US properties totalled 770,000 in September, said the Commerce Department. The sales of newly-built US properties totalled 770,000 in the year to September, said the Commerce Department.
The latest official data comes a day after figures showed that sales of existing US homes fell 8% last month.The latest official data comes a day after figures showed that sales of existing US homes fell 8% last month.
This was the biggest year-on-year decline for non-new build properties in 16 years. This was the biggest year-on-year decline for non-new build properties in
16 years.
Recession fearsRecession fears
A growing number of economists now fear that the downturn in the US housing market could lead to a wider recession.A growing number of economists now fear that the downturn in the US housing market could lead to a wider recession.
The Federal Reserve is now widely expected to try to soothe the economic woes with an interest rate cut next week.The Federal Reserve is now widely expected to try to soothe the economic woes with an interest rate cut next week.
The September new home sales figure from the Commerce Department was a 4.8% rise on August, although this is only after August's figure was revised down to 735,000.The September new home sales figure from the Commerce Department was a 4.8% rise on August, although this is only after August's figure was revised down to 735,000.
Previously, the Commerce Department had calculated that 795,000 new homes were sold during August.Previously, the Commerce Department had calculated that 795,000 new homes were sold during August.